All other things being equal, a decrease in supply results in

1. Economics studies _____. (Points : 5) 
How society manages its scarce resources
Social Welfare
Ethical use of resources
Protection of workers' rights
2. All other things being equal, a decrease in supply results in a(n)_____. (Points : 5) 
increase in equilibrium price and a decrease in equilibrium quantity
increase in equilibrium quantity and a decrease in equilibrium price
decrease in equilibrium quantity and a decrease in equilibrium price
decrease in demand
3. In one hour, a person can fix 4 flat tires or type 200 words. The opportunity cost of fixing ONE flat tire is _____. (Points : 5) 
200 words
4 flat tires
1 word
50 words
4. The amount of a good or service that buyers would be willing and able to purchase at a specific price is known as _____. (Points : 5) 
quantity demanded
demand
supply
quantity supplied
5. Public goods are _____. (Points : 5) 
excludable but not rival in consumption
rival in consumption but not excludable
excludable and rival in consumption
neither excludable nor rival in consumption
6. In a free market economy, government is needed when _____. (Points : 5) 
property right are not assigned to individuals
the market fails to allocate resources efficiently
a single supplier has a substantial influence on the market price.
all of the above apply
7. All other things being equal, an increase in demand results in a(n) ______. (Points : 5) 
increase in equilibrium price and a decrease in equilibrium quantity
increase in equilibrium quantity and a decrease in equilibrium price
decrease in equilibrium quantity and a decrease in equilibrium price
increase in equilibrium price and an increase in equilibrium quantity
8. In a free market, a shortage of a product always leads to: (Points : 5) 
Increases in price
Decreases in price
No change in price
Any of the above
9. Price discrimination is most likely practiced by a(n) _____. (Points : 5) 
monopoly
oligopoly
monopolistic firm
perfectly competitive firm
10. Rival pricing strategies and collisions are typically found in a(n) _____. (Points : 5) 
monopoly
oligopoly
monopolistic competition
perfectly competition
11. Most products purchased in our daily lives are found in this market: (Points : 5) 
monopoly
oligopoly
monopolistic competition
perfect competition
12. When the government is involved in regulating the prices sellers are allowed to charge, this often leads to_____. (Points : 5) 
unemployment, inflation, and recession
deceptive advertising
price gouging
the quantity of goods available being less than the equilibrium quantity
13. A price imposed by the government below an equilibrium price is called a ____ . (Points : 5) 
price ceiling
price floor
price carpet
price surplus
14. A tax on imports is called a: (Points : 5) 
sales tax
corporate tax
trade tax
tariff
15. Profit-maximizing firms produce extra units of output up to the point where: (Points : 5) 
marginal revenue equals marginal cost
marginal revenue exceeds marginal cost
marginal revenue is less than marginal cost
any of the above
16. In the United States, anti-trust laws might not allow: (Points : 5) 
black markets
underground economy
mergers of big and dominant companies like Coca-Cola and PepsiCo
too much competition in a specific market.
17. Higher oil prices tend to: (Points : 5) 
increase the prices of many different products
increase the prices of farm products only
increase prices in the airline industry only
increase the prices of public transportation only
18. When doing research, Economists: (Points : 5) 
follow the scientific method: observation, theory, and more observation
cannot use experiments, as they are often done in areas like Physics and Chemistry.
have to use whatever data the world happens to give them
all of the above.
19. Economic models_____. (Points : 5) 
must completely describe every aspect of the economy in order to be useful
are simplified abstract representations of reality
avoid the use of assumptions wherever possible
are ideals that economics agents aspire to achieve
20. A few industry-dominating firms acting as a collective monopoly is known as a: (Points : 5) 
a trading bloc
a market
a cartel
an industry